Boaz Weinstein picks Ukraine bonds as a tail-risk strategy

Saba Capital bought debt for as little as 20 cents on the dollar, anticipating explosive payoff

Ukraine investment
Photo: Tetiana Strilchuk/Alamy Stock Photo

Saba Capital Management founder Boaz Weinstein has bought Ukrainian sovereign debt for between 20 and 25 cents on the dollar as a tail-risk strategy.

The naked long position on the bonds is a tail-risk trade, says Weinstein, because the value of the securities will surge once the war ends and Western countries begin the task of rebuilding Ukraine. The payoff from the “not meaningful, but not tiny” investment will resemble the stellar returns Saba Capital has generated in past market crashes by

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